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No, I think it's correct. To be honest I would have to look up the internal diagram of the 555 to be absolutely sure but the way I think it works is the 555 output goes high when the power is applied, this closes the relay and charges the battery through the resistors. When the threshold voltage is reached, the 555's internal flip-flop makes the output go low and the relay opens. It's running in monostable mode with no timing capacitor so I think it operates once and has to be powered down to reset it.
I wouldn't be too happy about the battery still being connected to the 555 when the relay opens but it should survive. Perhaps a diode, anode end to the battery + side and cathode to the positive supply would be a good idea. It would prevent the supply to the 555 being removed while other pins still had 12V on them if the power is turned off.
Brian.